We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Crazy Halifax 'consent to lease' rates - please help!
Options
Comments
-
I'd view the additional interest as a penalty for unconsented letting, not a back door means of obtaining the consent you need. I've never tried to test it though, tbh, so I may be wrong. When I've got five, I'll have a look on the FOS site to see if there are any case studies on this issue.I thought, though it may be urban myth, that if they took the penalty fee they were accepting that the property was tenanted and so effectively acknowledging the tenancy.
Disagreeing on your second para, in that if you take out insurance for a tenanted property you are paying for the risk. Most such insurers note down the lenders details as part of the cover and can send a cover note to them, to prove property is insured. Whether they could then refuse to payout having provided cover and noted the lenders interest is debatable. Of course getting the cOrrect insurance is essential and there is a risk that the insurer provides info to the lender of cover. But declining to pay out on a specific tenanted property policy just because the lender wasn't aware is extending the theory beyond the reasonable.
I guess it depends on what's in the terms and conditions of the policy. If there's a clause which says you have to have the lender's written consent and you don't have it, you risk what I suggested.
It's similar to the moment of making a car insurance claim where the insurer requests copies of NCD or a driving licence which turn out to be different to what was stated at the outset.
TBH it would help if one of our resident landlords could tell us what's in their policy T&Cs.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
TBH it would help if one of our resident landlords could tell us what's in their policy T&Cs.
From my property renewal form:
"MATERIAL FACTS It is essential that you disclose all material facts at renewal, ie any fact which could influence an insurer's assessment of the risk. If you are in doubt about whether a fact is material please contact us [the broker] for guidance."
In the policy document:
There is a section headed "change of circumstances" with a list of changes that would require notification, but none of them relate to the mortgage.
In fact I can't find any mention of a mortgage in the documents other than "3rd parties noted to have an interest: [name of lender]"
If anyone wants to read the whole policy it is here:
http://www.mma-insurance.com/a/pdf/ResidentialPropertyOwners_Wording.pdfI'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I went through another insurer's online documentation earlier and I could find no reference either.
It looks like I was being unduly cautious. Apologies folks.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
The english on that website is so bad its laughable. What is a "stuff fact", an "appropriate tariff return", "adjectives types of mortgages".I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
He reckons that I am also Nollag. No wonder why policing is going downhill in the country when they are employing people like him. I have read a lot of the threads he either started or contributed and he is not very smart.
Hi HARSA, as someone with a good knowledge of this sort of thing ;-) you can rest assured that this is not "Mortgage Fraud" or Fraud by false representation.
BRIT123 may be a bobby, he's probably a special!0 -
Well, we've managed to swap to a buy to let mortgage at a rate just shy of 0.5% higher than our existing residential rate. We're very happy with this and it enables us to rent somewhere decent down south or even buy if we choose to do so. There was actually quite a choice of products at a much, much lower rate than Halifax were about to impose on us for consent to lease. I can only conclude they don't want our business, so goodbye Halifax, good riddance. Thanks again for all the help.0
-
Hi HARSA, as someone with a good knowledge of this sort of thing ;-) you can rest assured that this is not "Mortgage Fraud" or Fraud by false representation.
BRIT123 may be a bobby, he's probably a special!
Brit1234 is joke. I have now added him and geoffky on my ignore list. I didn't know that the ignore fuction was there all this time - I would have used it much earlier.0 -
mindthegap9940 wrote: »Well, we've managed to swap to a buy to let mortgage at a rate just shy of 0.5% higher than our existing residential rate. We're very happy with this and it enables us to rent somewhere decent down south or even buy if we choose to do so. There was actually quite a choice of products at a much, much lower rate than Halifax were about to impose on us for consent to lease. I can only conclude they don't want our business, so goodbye Halifax, good riddance. Thanks again for all the help.
Well done I am so happy for you:beer:0 -
Out of interest Mindthegap what's your LTV %?. I'm stuck just outside the magic 90%0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards